Updating accrual accounting records prior to preparing financial statements is called:

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The adjustment process involves updating accrual accounting records to reflect the current financial situation and is performed before preparing financial statements. The closing process refers to the final steps taken to close out temporary accounts in the accounting cycle. Converting to cash basis accounting involves switching from accrual accounting to record only cash transactions. Going concern adjustments are made when there is evidence that a company may not continue operations in the future.

Updating Accrual Accounting Records Prior to Preparing Financial Statements Is